Overdose Posted November 25, 2005 Share Posted November 25, 2005 We had our property valued yesterday by Dean Wood's Ramsey Branch. It's a 3 bed Detached cottage with 2 receptions, small garden and a garage. Location wise it's pretty much in the center of town but off the main road so it's pretty nice and quiet. Anyways, the bloke who came round was umming and erring, said it's possibly worth £175k but he'll ask around in the office to see what the other think! Now I know the the property market is slowing to a virtual stop, always knew it would, but when we had it valued 18months ago for mortgage purposes it was valued at £230k. Now there's no way the property market is that bad that we've lost £65k in the space of 18 moths. I just wonder where these estate agents get their prices from, to me it seems like they just make it up as they go along. Link to comment Share on other sites More sharing options...
Slim Posted November 25, 2005 Share Posted November 25, 2005 They value based on something else on the market at a similar price that looks about the same. It's why they really struggle for the properties that don't fit the cookie cutter. 2 bed dandaraland? They can value. 3 bed manx cottage that's a bit unusual? Pot luck. Link to comment Share on other sites More sharing options...
doodlebug Posted November 28, 2005 Share Posted November 28, 2005 but it will snow at the equator before we actually get a house Mt. Kilamanjaro in Tanzania, the Mt. Cayambe in Equador, Mt. Cotacachi also in Equador, and Mt. Kenya in the Maasai Mara National Reserve in Kenya are well-known for getting cold enough to have snow even though they are very near the equator. Stav. OK! It will snow at the equator at sea level then. Or the moon will turn to green cheese. Link to comment Share on other sites More sharing options...
doodlebug Posted November 28, 2005 Share Posted November 28, 2005 I just wonder where these estate agents get their prices from, to me it seems like they just make it up as they go along. I think they do make them up. Estate agents set the prices according to how much they think they can get away with. They are greedy. You say your house is valued at £175k - knock the £100k off and that would be what we could afford. We can get a maximum mortgage of £75k so cannot even afford a one bedroom flat. Hopefully the market will have a 90% fall! Some hope hey? We do have a tent though so might have to end up living in that if our rent goes up. Link to comment Share on other sites More sharing options...
Slim Posted November 28, 2005 Share Posted November 28, 2005 Isn't it daft that rent and house prices aren't factored into inflation? So the cost of bananas goes up, you get a pay rise. Cost of your rent goes up, and the price of bananas goes down, you dont get a pay rise, but you can't afford your rent... Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted November 28, 2005 Share Posted November 28, 2005 Your house is worth what someone is prepared to pay for it...so isnt therefore the buyers that ultimately determine the price?!?!?!?! Link to comment Share on other sites More sharing options...
Slim Posted November 28, 2005 Share Posted November 28, 2005 No, the buyers set the value, the seller sets the price. The price isn't necessarily the value Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted November 28, 2005 Share Posted November 28, 2005 The price isn't necessarily the value The price is the buyer's value...not necessarily the seller's! Link to comment Share on other sites More sharing options...
Slim Posted November 28, 2005 Share Posted November 28, 2005 heh. What I'm trying to say is you can price something what the hell you like, what it's worth is what someone will pay for it. The confusion on this point is probably why there's so many properties on the market at the moment. But then, it's actually quite hard to drop your price, because they house you want to buy once you've sold yours is also overpriced, so the problem persists. Link to comment Share on other sites More sharing options...
Stu Peters Posted November 28, 2005 Share Posted November 28, 2005 No, the buyers set the value, the seller sets the price. The price isn't necessarily the value But as Henry Royce said "The quality is remembered long after the price is forgotten". So forget houses and buy a Rolls Royce... Link to comment Share on other sites More sharing options...
Lonan3 Posted November 28, 2005 Share Posted November 28, 2005 "If the automobile had followed the same development cycle as the computer, a Rolls-Royce would today cost $100, get one million miles to the gallon, and explode once a year, killing everyone inside." -Robert X Cringely Link to comment Share on other sites More sharing options...
manxchatterbox Posted November 28, 2005 Share Posted November 28, 2005 I bought my house in '95 for £85grand and now I reakon its worth very very conservatively £250 grand- so if I'd bought a Rolls instead would it now be worth the same as the house?? No I don't think so....and besides you can't live in a Rolls...I'd like to see Stu Peters cooking up a chilli or curry in the back of a Rolls and getting all his MR mates in for a party!!! Think the phrase for Stu on this occassion is "go into a darkened room, lie down, and think about what you just said" Link to comment Share on other sites More sharing options...
Slim Posted November 28, 2005 Share Posted November 28, 2005 Show off Link to comment Share on other sites More sharing options...
Stu Peters Posted November 28, 2005 Share Posted November 28, 2005 Yeah, but it's REALLY dark in here... Link to comment Share on other sites More sharing options...
manxchatterbox Posted November 28, 2005 Share Posted November 28, 2005 well... that's because a replacement interior light bulb in a Rolls costs £50,000 million pounds...a good buy, not. Link to comment Share on other sites More sharing options...
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